A couple of questions regarding NFA Trusts

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mbogo
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A couple of questions regarding NFA Trusts

Post by mbogo » Tue Feb 19, 2019 6:53 pm

Scenario:

Trust owner is only trustee.
Trust maker adds a trustee (via properly signed/witnessed/notarized documents).

Q1. Can the new trustee add another trustee, or is the trust owner the only one who can do so?

Continuation of scenario:
Trust maker retires to a country where such toys are forbidden to residents. and doesn't expect to come back.

Q2. Can the trust maker 'abandon' the trust somehow (without dying)?
Q3. Would the 'new' trustee become the trust owner?

mbogo
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fishman
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Re: A couple of questions regarding NFA Trusts

Post by fishman » Tue Feb 19, 2019 11:49 pm

1. No

2. No

(At least not with my NFA specific trust)
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mbogo
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Re: A couple of questions regarding NFA Trusts

Post by mbogo » Wed Feb 20, 2019 6:31 pm

Thank you.

If the original trust owner passed away or became ineligible to possess firearms (e.g., renounced citizenship, 'prohibited person', mental defect, etc.) would the other trustee(s) then become the new owner(s)?

This is all for my own edification.
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fishman
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Re: A couple of questions regarding NFA Trusts

Post by fishman » Wed Feb 20, 2019 9:43 pm

In the event of a death of the grantor:

The beneficiary gets to file free form 5s to transfer the NFA items from the grantor's estate to themselves.

In the event of becoming a prohibited person: im pretty sure the grantor must sell, forfeit, or destroy the trust assests. I'd imagine that the trustees would facilitate this. Maybe this could be avoided if the grantors responsible person status was revoked through trust amendment. Idk
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mbogo
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Location: San Antonio, TX

Re: A couple of questions regarding NFA Trusts

Post by mbogo » Thu Feb 21, 2019 10:44 am

Got it. Thanks!
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